Energy, Estonia, EU – Baltic States, Legislation, Mergers and take-overs, Transport

The resulting petrol station chain of more than 80 stations will be the biggest in Estonia.

"The sale of Lukoil's assets in Estonia is part of Lukoil's fuel markets optimization program in Europe," commented Lukoil Vice President Vadim Vorobjov. In 2014, Lukoil sold its petrol stations in the Czech Republic, Slovakia and Hungary.

Lukoil's petrol station chain in Estonia consists of 37 petrol stations.

"Buying the Estonian Lukoil is a strategic move that will lead Olerex to the top of the Estonian fuel market," said Antti Moppel, Olerex's Council Member. "Merging two large petrol station chains involves a synergy that clients of both fuel companies benefit from."

Under the contract, the Lukoil trademark will remain in the buyer's use during the transition period of petrol stations for up to 12 months.

Lukoil is the second largest oil corporation after Shell that has ever operated at the Estonian fuel market.

Olerex is the largest local capital-owned fuel company in Estonia, whose retail network consists of 50 service stations and speed stations across Estonia.

The agreement will come in force after the Competition Board permission is granted.